relates measured unemployment to vacancies and to excess demand. The model has a more sophisticated treatment of dynamics than … earlier disequilibrium models, and uses measured unemployment as an endogenous variable. Two of the error terms are assumed to … estimates computed in various ways are reasonable. The model is used to estimate the natural rate of unemployment as well as a …

model labor market frictions and unemployment explicitly. The present paper describes some of the essential ingredients and …

interpretation for the dynamic inflation--unemployment relation found in the data …

A synthesis of the Lucas-Prescott island model and the Mortensen- Pissarides matching model of unemployment is studied … observed averages of U.S. unemployment and vacancy rates, the model fits the observed vacancy-unemployment Beveridge … relationship very well and implies an implicit log linear relationship between the job finding rate and the vacancy-unemployment …

We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a …,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable … output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations …

This paper develops a simple framework for examining human capital accumulation, unemployment, and relative wages in a … global economy. It builds on the models of Davis (1997a, b) of trade between a flexible wage America and a rigid wage Europe …, technical change, and a productivity slowdown. We derive the consequences for the skilled-to-unskilled wage gap, unemployment …

the unskilled. By contrast, in Europe it is undoubtedly the rise and persistence of unemployment. Technology has been … European unemployment. This paper seeks to provide a unified account of these major factor market developments. It models the … impact of technical change on relative wages and unemployment in a world in which one country has flexible and the other …

We explore the response of employment (unemployment) skill differentials to skill-biased shifts in demand touched off … by the new and spreading technologies. We find that skill differentials in unemployment follow at least in part the same … differences defined by technology. In the aggregate time series relative unemployment is defined by educational unemployment …

The recent European experience of high persistent unemployment has led to the development of theories of unemployment … hysteresis embodying the idea that the equilibrium unemployment rate depends on the history of the actual unemployment rate. This …

In the most widely analyzed type of efficiency wage model of involuntary unemployment, firms pay wages in excess of … equilibrium unemployment act as a worker discipline device. This paper concerns what is usually considered the most important … involuntary unemployment. Explicit upfront bonds are only quite rarely observed. A more subtle form of the bonding critique argues …